Japanese Monetary Policy, Rules Or Discretion?
Author | : Kazuo Ueda |
Publisher | : |
Total Pages | : 34 |
Release | : 1996 |
Genre | : Banks and banking |
ISBN | : |
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Author | : Kazuo Ueda |
Publisher | : |
Total Pages | : 34 |
Release | : 1996 |
Genre | : Banks and banking |
ISBN | : |
Author | : Kazuo Ueda |
Publisher | : |
Total Pages | : |
Release | : 1996 |
Genre | : |
ISBN | : |
Author | : Kazuo Ueda |
Publisher | : |
Total Pages | : 17 |
Release | : 1996 |
Genre | : Monetary policy |
ISBN | : |
Author | : Mr.Guy Meredith |
Publisher | : International Monetary Fund |
Total Pages | : 28 |
Release | : 1992-08-01 |
Genre | : Business & Economics |
ISBN | : 1451848331 |
This paper compares the hypothetical performance of various monetary policy rules with that of the discretionary policies actually pursued in Japan over the 1986-91 period. The results suggest that simple rules based on targeting growth in either the money supply, nominal income, or prices would have failed to stabilize economic variables more successfully than discretionary policies. At the same time, it appears that an indicator of monetary conditions incorporating movements in the real exchange rate and the real interest rate would have been useful in assessing the effect of current policies on future activity.
Author | : Kazuo Ueda (author) |
Publisher | : |
Total Pages | : 17 |
Release | : |
Genre | : |
ISBN | : |
Author | : Kazuo Ueda |
Publisher | : |
Total Pages | : 84 |
Release | : 1991 |
Genre | : |
ISBN | : |
Author | : Kenneth J. Singleton |
Publisher | : University of Chicago Press |
Total Pages | : 208 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226760685 |
How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
Author | : Yoichi Matsubayashi |
Publisher | : Springer Nature |
Total Pages | : 70 |
Release | : 2021-08-23 |
Genre | : Business & Economics |
ISBN | : 9811641463 |
This book provides an interesting review of Japanese monetary policies after the bubble economy. The Bank of Japan was the first central bank in advanced economies to implement the unconventional monetary policies during the period. After the Lehman shock, most advanced economies also carried out similar monetary policies to boost their own economies. The Japanese experience in the 1990s and 2000s no doubt played a key role during the period. Although various aspects of the experiences have been examined, not many books have been published based on intensive discussions between the macro and monetary theorists who have been active in academics and the practitioners who have actually been involved in monetary policy. This small but important book has focused on the Japanese experience. Evaluation of that experience found that three solid pillars are of crucial importance: theory, institution, and experience. Those form the basis of the book, without theory, no policies will be formulated and implemented, and implementation depends crucially on institution. Chapter 1 provides a clear theoretical background for the unconventional monetary policies and inflation targeting. Chapter 2 intensively explores the meaning and desirability of the independence of central banks. Chapter 3 reviews the consequences of the Japanese monetary policies in recent decades in comparison with those in other advanced economies.
Author | : Fondo Monetario Internacional |
Publisher | : |
Total Pages | : 19 |
Release | : 1992 |
Genre | : |
ISBN | : |
Author | : Bennett T. McCallum |
Publisher | : |
Total Pages | : 92 |
Release | : 1993 |
Genre | : Monetary policy |
ISBN | : |
This paper investigates the performance, in several small-scale models of the Japanese economy, of an operational monetary policy rule related to ones previously considered for the United States. The rule dictates settings of the monetary base that are designed to produce values of nominal GNP close to targets that grow smoothly at a noninflationary rate. Simulations with quarterly data for the period 1972-1992 yield predominantly favorable results. Experiments with an interest rate instrument are also conducted but the simulated performance is less desirable. One section discusses issues concerning monetary base control in Japan.